dani: good morning, it has just gone 6:00 a.m. in london, i am dani burger and here is "daybreak: europe." the global selloff deepens, the s&p closes at its lowest level since july amid concerns about surging prices. asian stocks slump as another property developer misses a bond repayment. oil rallies to its highest since 2014 after opec bus maintains --

opec-plus maintains its gradual increase. commodity prices soared to an all-time high. and facebook suffers a devastating outage across its most popular platforms. billions lost to competitors and mark zuckerberg's fortune plunges $6 million. will it be a turnaround tuesday? certainly for james bullard, it is a regime change. we are in the middle of the st. louis fed president yesterday saying i am concerned about changing mentality. i would say around prices and the economy, the relative freedom that dismisses feel they can pass on to consumers. this is not transitory inflation, this is inflation that sticks around, if consumers are willing to pay more and companies willing to charge more. that means a big hit. long-duration, most noticeably playing out in the tech sector yesterday.

the nasdaq 100 falling more than 2%. let's get to the charts. here is your faang index. this is 20% of the s&p 500. yesterday breaching, just barely closing below the 200 day average. if you had shipped out to the tech stocks yesterday, the s&p 500 would've had its -- it is nearing its 100 day moving average. who is rave enough to buy the tech stock dip? all of these stocks falling by 2%. facebook had a major outage. it is that and the reopening trade and high yields. let's get a check on today's market. let's get through these prices as well. we are looking at a rebound when it comes to the nasdaq 100 and a future session, that ever so slightly, it sold off to percent yesterday, wayne 3% gain really is -- a .3% gain really is nothing.

asia has its own idiosyncratic issues. this is down more than 2%, the nikkei down from its peak. at the same time, a bid to the havens, and finally, brent crude at the highest level since 2014, above $80 after opec held on output. let's look at the global selloff and stocks, because it is continuing in asia amid concerns of surging prices for raw materials. and china's indebted property sector continues to vex traders. let's get to juliette saly. juliette: so far in october, three asian indexes the worst-performing. the nikkei looks like it is going into correction, as is the taiex and kospi. we are seeing these high yield

growth drops hit today. the hang seng on track for a new low. in the surge in modded ease, energy players in asia and we are looking ahead to the rbnz. will the rbnz be hawkish or will they hold and move in november? i want to show you what is happening in the property sector because it is still a lot of stress. we are hearing from another developer not able to pay about 200 million dell or -- $200 million. this is weighing on china. junk bonds falling about 2% -- two cents, the worst drop since 2013. let's have a look at how this is playing through into the hang seng index. ever grand -- evergrande suspended as is fantasia, but there is a ripple effect and

other players falling substantially in the hong kong session and dragging on the index, leading to further downgrades off of economic delays. the evergrande saga will weigh on china's gdp. the conditions are ripe for a rrr cuts. dani: thank you. facebook suffering a devastating outage that shut out many of its 2.7 billion global users. instagram and whatsapp also affected. we are joined by our editor from our asia tech team. what has facebook said in regards to what caused the outage? peter: facebook put up a post a couple of hours ago explaining what happened. what they are saying is there was a network configuration error. behind this, there are some human errors where the network configurations that told of the

data where to go in their data centers were messed up. they had kind of broad problems with this that affected facebook, instagram, whatsapp, also affecting internal communications. they were not able to communicate internally the way they typically would. somebody had to physically go out and reset some machines to get things back on track. after quite a few hours, they were able to get the traffic act and mostly operating. but it was a very broad outage. they have 2.7 billion users across the globe on different platforms, and down detector says they got about 11 million reports of troubles, the most they have ever seen. dani: i love the response is a most kind of, did you try turning it off and back on? comforting to see the big tech giants deal with that as well. what has the fallout been? there have been some a complaint some people who struggled with the outage -- assuming

complaints and people who struggled with the outage. peter: you saw a few different things. the cto apologized for the outage, and mark zuckerberg also apologized. competitors were trying to make hay out of this, telegram said it saw a spike in downloads and usage. there was a big increase there. this happened against the backdrop of a public uttering of facebook on many problems. there is a whistleblower from the company who has emerged who talks about how the company has not taken proper measures to make its platform safe. she is going to go in front of congress tomorrow. according to prepared testimony, she will talk about how facebook is paying for its profits with the safety of users, including children. she is going to give testimony tomorrow. that's probably a big reason why you saw shares get hit so hard yesterday. dani: facebook taking a large dive. peter, thank you.

sticking in the u.s., but the politics, president biden has warned the u.s. government is at risk of reaching the debt limit into weeks, blaming mitch mcconnell for what he has described as a meteor headed for the economy. the legislative battle is bringing u.s. government to the brink of its first ever default. >> the republicans in congress, what they are doing today is reckless and dangerous, in my view. as soon as this week, your savings and your pocketbook could be directly impacted by this republican stunt. dani: for more, let's get over to bruce. i know we have you on basically every morning to talk about the debt ceiling limit being breached -- has anything changed? bruce: we know that janet yellen , treasury secretary, says

october 18 is d-day. others say maybe another week or two beyond that. but the clock is ticking. so senate majority leader chuck schumer is planning on ringing up for a vote something -- and bringing up for a vote something that has already passed the house that would suspend the debt ceiling until december 2022. however, mitch mcconnell, the senate republican leader, has vowed to block that, because it is a 50-50 senate and because of the filibuster, the republicans can stop this. mcconnell has said the democrats should do this through reconciliation, which is something not subject to the filibuster. the problem is it takes a while, it takes a couple of weeks. democrats say we don't have that much time, let's get this done now. so that is pretty much where we are at the moment. the president voiced some

frustration in his comment, pointing out about 25% or 8 trillion of the u.s. debt was incurred during the trump administration. he was saying the republicans helped to make this problem and they should be helping to resolve it. that doesn't seem to be convincing mitch mcconnell and his colleagues. dani: thank you. that is bruce einhorn, keeping us on top of things. that's get over to the first word news with juliette saly. juliette: opec-plus sticking with a plan for slowest eddie increases in oil production. minutes from the group a 4000 barrel per day increase. many were expecting a bigger boost in output. it has put crew to the hyacinths when he 14. -- to the highest since 2014. a law firm accuse someone of

pressuring subordinates while at the world bank. she is accused of hitting them to adjust a global ranking in china's favor. the imf says it is emitted to an objective and timely review. the federal reserve's internal watchdog plans to probe trading activity by senior officials. it is about transactions last year that forced two chiefs to resign. jay powell opened an internal investigation into the ethics rules. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. dani: juliette saly in singapore, thank you. let's get you set up for the day and take a look at today's trading. we have a lot of eco-data out of europe today. that starts with spain, and the data dump continues, we get italy, france, germany, eurozone

and u.k. that continues stateside, we will get u.s. services pmi waiter in the afternoon, and -- later in the afternoon, and then manufacturing. plus, central bank's speakers to, we will hear robert altman, followed by christine lagarde at 3:00 p.m. london time. coming up, the selloff doesn't stop. the s&p 500 retreats to its lowest since july as a stocks in asia continue to slide. we will continue into the european session. futures up about 2/10 of a percent in the euro stoxx 50 futures. we will look at the action next. later, we also get the opec-plus steady as she goes approach, which alarmed the market, sending wti to the highest level since 2014. we will discuss that and the

global energy crunch at 6:30 london time. ♪

>> that is the only mandate at the fed, price stability and full employment. but to be clear, right now we do not have price stability. inflation at 5% is among the highest numbers many have seen in their lifetime. and the bet is it is transitory and that is a big bet. dani: a big bet, ken griffin giving his thoughts on the ongoing inflation debates. that is playing out in markets yesterday and today, a selloff that darted in u.s. stocks continuing in asia amid concerns over rising prices and fueled by commodity prices. let's dig into this more. joining us is our guest. norman, thank you for joining us

this morning. you have can griffin's thoughts that it is a big bet to bet that inflation is transitory. you also had bullard yesterday saying there has been a change in mentality. would you agree that inflation is here to stay for some time? norman: we do think inflation will be elevated at least into the middle of next year. however, one of the things we are focused on is not necessarily just the inflation picture but the inflation plus growth picture, so nominal growth overall. i think the fed is trying to balance those factors right now. dani: you mentioned growth, and of course the concern when we are talking about inflation plus growth is stagflation. has that started to creep into conversations with clients and generally in the firm? norman: it has crept into conversations but i think a lot of people, as ken griffin has outlined, don't remember the true stagflation of the 1970's when you actually had recession with elevated inflation.

when we look ahead to 2022, we think inflation will be up it elevated but we still think we are growing in europe and the united states. the type of stagflation we saw in the 1970's we don't think is on the horizon right now. dani: that type of environment where we get a little bit of inflation but growth sticks around with us, does that mean this is the environment where you don't want to be owning big tech and we will continue to see more selloffs like yesterday? norman: we think tech is in the process of basically repricing what we think is too low a risk free rate on the treasury and bund yields, we think they breakthrough the zero barrier from here, and another 30 or 40 points higher. big tech has to reprice that. dani: it has been sometime since we've seen 0% or positive numbers on the bund yields. norman: what we are seeing in

europe is the same kind of reflation we saw in the united states over the last six months. we think in europe is trailing the u.s. and they will get to that point next year. also, the ecb and fed are worried about this. if you look at underlying property in the u.s. and germany, on a two-year compound annual growth basis, stripping out for the pandemic, germany has seen property prices rising at 12%, 13% per annum. on both fronts, i think the fed and ecb have to be concerned about what is happening with property and trying to constrain that going forward. dani: what is your favorite indicator in terms of saying property prices are high, this will have an impact? where do we see the impact filtering through? what are the data points we need to be wanting to confirm that view? norman: the way we think about it, looking back to 2006, 2007,

and the fed made a choice effectively to allow property prices to continue to rise, and obviously we got 2007 and 2008. if we look at 2013, the last time property prices would rise, about 12% per annum, the fed moved to tapering, they moved it down on a slow trajectory and were able to stabilize property price growth at about 5% per annum, a bit more comfortable. we think the fed is trying to replicate this fragile implementation, which the ecb will follow. dani: norman, you will stick around with us. come up -- coming up, willie walsh says the airline industry has passed the worst of the covid crisis and the path to recovery is coming into view. more on that next. this is bloomberg. ♪

>> we are going in the right direction and we've got to take confidence from recent announcements like the u.s. opening to europe vaccinating, what the u.k. has done recently, what australia is saying it will do. we are seeing a change and that's why we are more optimistic about international travel. i don't think you will have a big difference long-term, and i was looking at the forward curve, which suggests prices will ease off during 2022.

it will add a little but of caution to airline management teams but i don't think it will make a significant difference. dani: director general willie walsh on the gradual recovery in the international travel sector and oil prices. still with us, norman. there we heard the view of the chief of iata saying he think oil prices will ease. do you think the same? norman: we think eventually they ease, but what we are seeing not only in oil but a lot of commodities are there are supply chain pressures keeping prices high. how you move oil to one -- from one place to another is very expensive today. opec sees the writing on the wall and sees esg is a big issue. eventually they will cut back, looking out 10 years. opec wants to realize high prices when it can and i think that's what it is doing right now.

dani: so then do you see, we had opec not increasing output in yesterday's meeting, do you foresee them doing that in the near future? norman: i think opec has to walk a fine line. on one side, they would like to realize high prices, but at the same time, they don't want prices so high they tip the global economy back into recession. as we have seen in the past. as recovery comes, i think they will adjust their output, but we think they will want to effectively see the whites in the eyes of recovery before they open the spigots more aggressively. dani: you mentioned the impact of higher oil prices, higher energy prices on the supply chain. if you look at what has been happening to earnings estimates and the upgrade, we have the city index of global upgrades, it is starting to come down, the pace of upgrades starting to deteriorate. should we be, as mike wilson says, pricing and more potential for this to impact earnings

heavily in the third quarter? norman: if we look in the first half of the year, especially commodity oriented producers, margins expanding and prices rising, but cost recent -- reasonably contained. that was attractive. as we move forward, we see more price pressure come through and that will limit their ability to drive not only topline growth but for margins, and that's one of the reasons why we think earnings growth will taper off toward year-end. dani: are you avoiding then those type of material companies? norman: we are, we are spending a lot of time focusing on quality earnings. places where not only they will not be exposed to the same type of margin pressure talked about, but where we have a lot of visibility on the top line, both in terms of unit growth and their ability to pass long prices that are rising in some cases. quality earnings is our focus as

we move into 2022. dani: i have to wonder how much of this is already in the market. do you think these sorts of constraints, the supply chain issues -- we talk about them nearly every day -- is that already factored into the prices in the equity market? norman: as you highlighted earlier, we are seeing two equity markets, we are seeing big tech selling off, but outside of big tech, the correction has been more muted. to a certain extent, i think the market has priced this kind of adjustment in earnings trajectory through year-end. dani: i wanted to pivot across the world to china. we saw another real estate developer potentially have issue paying back its bonds at the same time china dollar junk bonds at the worst since 2013. how to approach the chinese market, and has exposure to the

market change settle? norman: we take a cautious approach on china, starting in the second quarter, it was clear they were pivoting from reflation to focus on reform and restructuring. that's what we are seeing right now. everybody is focused on evergrande, but i think that reflects a broader reorganization as we move through year end of how important property is to their economy. they don't wanted it to be so important. we think that type of default restructuring, etc., that will be something with us for a while. and probably keeps a cap on the upside potential for china's economy entering 2022. dani: that is all the time we have come a great to catch up with you. thank you for joining us. coming up, steady as she goes. opec-plus sticks with its outlook plan and says -- sends crude prices to the highest in seven years.

oil nearing $80 per barrel, crude prices around $81. this is bloomberg. ♪ baaam. internet that doesn't miss a beat. that's cute, but my internet streams to my ride. adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me. big whoop! mine gives me a 4k streaming box. -for free! that's because you all have the same internet. xfinity xfi. so powerful, it keeps one-upping itself. can your internet do that?

dani: good morning from bloomberg's european headquarters. i'm dani burger and this is daybreak europe. the global selloff deepens. the s&p 500 closes at its lowest level since july mid concerns about surging prices. asian stocks slump as another chinese property developer misses a bond repayment. oil rallies after opec-plus

maintains its gradual increase of supply despite the energy crunch. facebook suffers a devastating outage across its most popular platforms. millions flocked to its competitors and mark zuckerberg's fortunes plunged. let's stick with the carnage in tech yesterday. will it be a turnaround tuesday? we saw the faang index fall near its 200 day moving average. this is a key pillar of the bull market, this is 20% of the s&p 500. if it had not fallen to the extent that they did, those losses in the s&p 500 of more than 1% would have been halved. these are factors the investors need to worry about. the risks are stacking up. regulation fear. the outages. shortening your long-duration exposure. or just to at you don't want

banks, you want to go into value in this earnings season. these were the biggest losers by points in the s&p 500. apple, microsoft, amazon, facebook. if you just owned the benchmarks, this was a pretty ugly day. the nasdaq dropping more than 2%. let's get you a quick check on what today's market action looks like. a little bit of buying into the nasdaq 100, but not going too far. we are up just about 0.2% after the pretty vicious selloff. the nikkei is on pace to drop 10% from its high. that is putting it in correction territory. there are concerns in asia. another chinese property developer potentially defaulting, but china on holiday today. brent crude above $81. let's stick with that story with wti also climbing to its highest and almost seven years. opec+ sticking with it slow and

steady plan of production increases. the cartel and its allies have agreed to at 400,000 barrels in supply, but many were expecting tightness to prompt a boost as much is twice that amount. joining us now is bloomberg's middle east energy and commodity team leader. why did oil prices jump after the opec+ announcement, which was largely foreseen? >> yes, as you said, this was pretty much the result markets had expected. opec+ saying it would increase by 400,000 barrels a day in november, but there were clearly a lot of traders positioning for something more aggressive from opec, or at least bigger than planned output increases next month. i think that was partly the reason oil jumped so much. beyond that, it was not just

about what opec did, but how it did it. i think many in the market expected opec to at least acknowledge the oil market's extreme tightness at the moment and hints that it would be ready to change course quickly and raise production quicker and, if for example the gas crisis in europe and asia worsens, but it did not really give any of that signal. it pretty much just said it would continue and it did not give any hint that it was going to change course, either in the next few weeks or next month. a combination of what opec did and how it made its announcement. dani: i was going to say at morrissey over at citi expecting them to raise by 800,000 barrels, which they did not. paul, thanks for staying on top

of that for us. on the energy topic, european finance ministers our meeting amid the worst energy crisis in years. france and spain have called for a coordinated response. they spoke on the sideline of the summit. >> what we see is an unprecedented spike in energy prices, which is due to different reasons, but linked to the evolution of energy prices in international markets. this is not an issue we need to tackle at a national level. we think we need a coordinated response. >> we don't want to be dependent on of the supplies coming from any country. that is the key point. >> we have to work very carefully and fast that the situation won't get that bad. we have to support the households to survive, if the situation is changing like a crisis. >> if we want to have electricity and electricity supplies without emitting more

co2, we strongly believe that production is one of the key responses we could give to that situation. >> we should react, but not overreact, because we have a strategy which is essential for the future of our economies, not only for the life of the planet. dani: joining us for more is the chief strategist of global gas at ihs market. let's start with the question overhanging all of this. how long do you foresee this crisis lasting? >> i think we do have a structural change in the market. it is not going to go away overnight. there are no immediate levers to relieve the market. i think as we move through the winter and the weather is going to be critical here, we are in a tight situation. dani: that is certainly a

prospect not welcomed by many that there are no immediate levers to really ease the pain. in that context, how much worse does it get from here as we do head into the winter months? >> i think the focus we just heard on the oil market, it is seen as some kind of release valve, and i don't think the oil market can bring a lot of relief to the gas market, but i think it does provide some constraints from the price pushing further up. i think that will provide some restraint on the upside, so there is a little bit of relief on that side. dani: we will take relief wherever we can get it. switching to oil or coal, these are dirtier types of energy, what does that mean for this environmental push that governments are trying to put forward versus trying to make sure that prices are in line and consumers don't feel the pain?

such >> think there are three major drivers for policymakers and politicians in energy and those are decarbonization, security of supply, and affordability. with the run-up of costs, we have been focused on the decarbonization side and long-term energy transition. we need a roadmap, but now politicians are being confronted with the fact that they also need to address reliability, resilience, security of supply, and affordability, and protection of the energy poor and the vulnerable. dani: in terms of the reliability portion, when this first started, one of the big criticisms came about wind. saying there is not enough wind in the u.k., this is a more volatile type of energy. those type of criticisms brought on by this crisis, do those stick around? >> i think we are looking at an

increase in volatile systems from the energy transition as we try to convert -- combine fossil fuels with volatile prices and we bring in renewable energy, which has volatile output subject to the vagaries of wind and solar. it is trying to keep these two together and have a workable, resilient, and reliable system. this is going to [indiscernible] dani: what does that re-think look like? what is a coordinated european response? what should it look like? >> the debate is already ranging -- raging on two sides. on the one hand, some will say the answer is more renewables, so that we can have more reliance on indigenous resources rather than being dependent on

imports and volatile global prices. on the other side of course, people will say we need to go more slowly on the energy transition, the vagaries of whether, and we need more reliable. it is about marrying those two and the key is focusing on flexible supply, on insurance so that we can deal with these pinch points. that is going to be the key. dani: michael, so in terms of addressing these pinch points, when it comes to the consumer, do governments need to be doing more? we have already heard some talk about capping prices. these types of measures need to become permanent in order to address some of these concerns as we make that transition? >> we know that interventions can have unexpected consequences and that is why the politicians will act with caution. we are seeing governments intervene across europe in different ways and there will be

protection brought in. what must be avoided at all cost is something that will make the situation worse by deterring supply-side investment. ultimately, the solution to this energy shortage and this energy crisis is to encourage the investment in supply to make sure that prices come down and we have that reliable supply that we all pray for. dani: michael, thank you so much for joining us. fascinating conversation. michael stoppard from ihs mark it. check out the big take story. the reasons behind the fragility of the clean power transition and what can make it more resilient. now, let's get over to the first word news with juliette saly. juliette: facebook suffered a major outage for around six hours yesterday, shutting many of its 2.7 billion users out of

its services. if linda issues on technical problems, adding there is no evidence user data was compromised. facebook stocks could be hit, with mark zuckerberg losing about $6 billion in dropping to number five on the ritualist. president biden is warning that the u.s. is at risk of breaching its debt limit in two weeks. he is describing it as a meteor headed toward the economy and blame senate majority leader -- minority leader mitch mcconnell. the federal reserve's internal watchdog plans to probe trading activity following revelations about transactions last year that forced regional jeeves kaplan and rosen grand to resign. global news, 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries.

dani: thank you so much. coming up, abu dhabi and amsterdam based chemicals producer oci announced plans to list their fertilizer venture, which could be one of the biggest listings to date. this is bloomberg. ♪

dani: it is bloomberg daybreak: europe. i'm dani burger in london. oci has announced plans to list their fertilizer venture as prices soar. fertiglobe's listing could be one of the biggest to date in the emirates, benefiting from a rebound in fertilizer sales and abroad commodities rally. bloomberg reported the company may be valued at about $7 billion including debt.

joining me for an exclusive conversation is the ceo of fertiglobe. first off, thanks so much for joining us today. you announced the coming of this ipo, definitely an interesting time in energy and fertilizer market. why now? what is behind the timing of going public? >> sure. fertiglobe it's a joint venture between oci and adnok. the idea was always as we stabilized and brought the management team together was to list it in abu dhabi. we took the steps earlier this year. i think what we were seeing and was last on your program, the big spike in natural gas prices the last couple of months has kind of showcase to the importance of having reliable supply systems through the

middle east. it has brought to the forefront something we have been finding for a couple of years and accelerated this year. right now, we are seeing that big, competitive advantage of having that reliable, low-cost supply for that production in algeria, egypt, and abu dhabi, and the uae. dani: considering the energy supply of prices is more stable, you have solar energy and things like that of abundant supply, does that mean now is the time when you start to take market share from europe, from the u.k., where fertilizing companies have a more difficult time keeping up with those prices? >> right now, i would say most european production for ammonia, the building block of nitrogen fertilizer, right now is the time when we are seeing that

benefit. we are selling probably a bit more into europe right now to fill that gap. it may cool down a little bit over the next few months, but we continue to focus on expanding european market share in the space. you bring up renewable energy. that is the key aspect we are excited about when you think about what fertiglobe has to offer. we are using predominantly natural gas, so we are exporting natural gas-based ammonia and urea. over time, our focus is to d carbonized our reduction base and start using renewable energy sources to get green hydrogen rather than natural gas, which is a more traditional hydrocarbon form, and have a low carbon intensity content product to help de-carbonized effectively the global space on the fertilizer side in the fuel space. dani: in the meantime, when you

are using things like natural gas, which globally has felt the effect of this crisis over energy that is most concentrated in china and europe, what have the effects been on fertiglobe and the prices you are looking at paying? >> actually, the prices we pay in fertiglobe with the contracts we have with the algerian government, the egyptian government, the abu dhabi government, those prices are ones that are independent of what is happening in the natural gas space in europe. we do have low-cost arrangements in long-term contracts. we are doing better. we see that is kind of right way risk. right now, we are producing higher margins and our first quartile producer, we have had a downturn the last five or six

years that has finally recovered now. what you are seeing in the oil and gas space, the result is underinvestment in the last five or six years. we are at a deficit right now, so we need to step up our production and that is part of our growth. dani: how long do you foresee these high prices in this energy crisis lasting? >> what we are seeing is a bit parabolic the last several weeks and months. even the u.s., when you are kind of in that mid-single digit range and a little bit higher, you have not even gone into the winter yet. that is a bit concerning. we see this going into the winter, it could stay quite elevated. it probably comes down a bit after the winter. when you look at the forward curve, it is probably triple the levels in the last five or six years. we see high marginal cost floors

for a lot of the producers sitting in europe for example and that is where we will try to fill that gap by the essential fertilizers needed for the food industry, and eventually clean fuels, which is our focus. dani: i do have to bring up the adnoc drilling ipo last week. very much oversubscribed. in lieu of what happened in trading of that ipo, is there a green shoe option for fertiglobe ? do you foresee offering more shares? >> we just launched this morning and we are very excited about the ipo. the offering that is out there results in both entities retaining a large share. oti has 50% of its business coming from fertiglobe and it

will continue to consolidate that. from the current 58% ownership it has in terms of what it looks like for the ipo, but we are very excited about what we are seeing. the adnoc drilling trading has been very encouraging, as well, and we think there has been great focus on fertiglobe itself because the people have known this has been coming to the market and we see not just regional, but also international and esg investors focused on it because they think we can be the preeminent esg play in the middle east given how much we can de-carbonized industries and new customers. dani: ok. so wonderful to have you on today. that is the ceo of fertiglobe. thanks again for joining us. coming up, a grave mistake. some words of wisdom for young

people starting their careers. that is next. this is bloomberg. ♪

>> if you are early in your career, you are making a grave mistake not being back at work. it is incredibly difficult to have the managerial experiences, the interpersonal experiences that you need to have to take your career forward in a work remotely environment. work remotely is very good at maintaining the status quo, but the world is not static. competitive pressures from around the world will put american businesses continually under pressure. the chinese have been back at work literally from almost the start. they are continuing to evolve at a rapid rate of innovation.

and we are in many ways stock in patterns from 18 months ago because it is so much harder to create and innovate in a remote working environment. so, for our youngest members of our workforce, i really -- i'm gravely concerned about the loss of early career developer and opportunities that is going to cost us dearly over the decades to come. dani: citadels ken griffin with some advice to beginners in their career. you can catch more of that conversation with erik schatzker, including his thoughts on inflation and crypto. as we close out the show, let's take a look at rich go under your terminal -- in your terminal. mark zuckerberg's net wealth dropped from the fourth most rich to the fifth, losing about $6 billion. his net worth is still over $121 billion. you can see jeff bezos losing $4.8 billion as well. tech rebounding today.

will their net worth rebound as well? that is that for bloomberg daybreak: europe. tom mackenzie will join me next. we will have all of your markets coverage. that is next. this is bloomberg. ♪

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dani: good morning, welcome to bloomberg markets: european open. i'm dani burger alongside tom mackenzie. your cash trade is just less than an hour away. the global selloff deepens. the s&p 500 closes at its lowest level since july amid concerns about surging prices. asian stocks slump is another chinese property developer misses a bond repayment. facebook suffers a devastating outage across its most popular pl